August 14, 2024
Elite Diagnostic Limited (ELITE)
Unaudited financials for the twelve months ended June 30, 2024:
Elite Diagnostic Limited (ELITE) for the twelve months ended June 30, 2024, reported a 9% increase in Income totaling $821.28 million compared to $755.33 million in the corresponding period last year. Income for the fourth quarter had a 29% increase to close at $244.18 million compared to $189.61 million for the comparable quarter of 2023.
Direct Cost amounted to $227.42 million (2023: $234.07 million), this represents a decrease of 3% year over year. Consequently, gross profit rose 14% to $593.86 million compared to $521.26 million for the twelve months ended June 30, 2023. The company booked gross profit of $176.28 million for the fourth quarter versus $136.74 million reported for the similar quarter of 2023.
Admin Expense increased by 18% to close at $376.24 million (2023: $320.10 million), while Depreciation & Amortization fell by 2% from $136.45 million in 2023 to $134.06 million in the period under review. As a result, operating profit for the twelve months ended June 30, 2024, amounted to $83.56 million, a 29% improvement relative to $64.71 million reported in 2023.
Exchange Loss for the twelve months ended June 30, 2024, amounted to $3.32 million, a 27% decrease relative to $4.56 million reported in 2023. Exchange Loss for the fourth quarter amounted to $1.19 million (2023: $343,941). Finance Cost totalled $48.35 million, a 3% increase from the corresponding period last year. (2023: $46.87 million).
Profit Before Tax for the twelve months ended June 30, 2024, amounted to $31.99 million, a 139% increase relative to $13.39 million reported in 2023. Profit Before Tax for the fourth quarter amounted to $33.88 million (2023: $1.74 million).
Net Profit for the twelve months amounted to $30.86 million, a 131% increase from the $13.35 million reported in 2023. For the fourth quarter, Net Profit was $32.75 million whilst for 2023 a Net Loss of $1.74 million was reported.
Consequently, Earnings Per Share for the twelve months amounted to $0.09 (2023: EPS: $0.04), while Earnings Per Share for the quarter totaled $0.09 (2023: LPS: $0.0005). The twelve-month trailing EPS was $0.09, and the number of shares used in these calculations was 353,400,000.
Notably, ELITE’s stock price closed the trading period on August 14, 2024, at a price of $1.34 with a corresponding P/E ratio of 15.35x.
Balance Sheet Highlights
The company’s assets totalled $1.06 billion (2023: $1.10 billion). This decrease was attributable to ‘Right of use asset’ reporting $80.82 million for 2024 (2023: $108.09 million). Cash and Cash Equivalents also contributed to the decrease reporting $36.48 million for 2024 (2023: $53.88 million).
Shareholder’s equity was $515.68 million (2023: $484.83 million), representing a book value per share of $1.46 (2023: $1.37).
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